Liability Insurance
Professional indemnity insurance, also known as business professional liability insurance, protects professionals and business owners against claims made by clients for financial losses due to errors or omissions in their work.
This policy offers crucial coverage for legal and financial liabilities, helping to maintain your professional reputation and providing financial security in the event of claims. It’s essential for professionals such as doctors, lawyers, engineers, accountants, and consultants to have this insurance to safeguard against potential risks associated with their services.
In today’s competitive business environment, even the most skilled professionals can make mistakes. Professional indemnity insurance provides financial protection, legal representation, and helps maintain your credibility, ensuring that an error does not result in significant financial distress or damage to your reputation.
Professional indemnity insurance covers professionals and business owners against claims made by clients for financial losses due to errors or omissions in their work. It provides financial compensation and legal representation.
Key Benefits
Check out the key benefits offered by a standard professional indemnity policy in India.
- Financial protection against client claims
- Coverage for legal costs in defending claims
- Damages awarded to clients covered
Who needs professional indemnity insurance?
This insurance is crucial for professionals like doctors, lawyers, engineers, accountants, consultants, and business owners in regulated industries or anyone offering professional services.
What does professional indemnity insurance cover?
It covers financial losses arising from mistakes or omissions, legal costs associated with defending claims, and damages awarded to clients. Some policies also cover loss of income and damage to reputation.
How does professional indemnity insurance work?
In case of a claim, the insurance company provides legal representation and financial compensation to the client for their losses, up to the policy limits. The claim must be valid and occur within the policy duration.
